Protecting clients against the lifetime allowance

When George Osborne cut the lifetime allowance (LTA) to £1.25m it brought more people into the protection regime. In June HMRC and the Treasury issued a consultation document on individual protection (IP). While more people will undoubtedly be in need of protection against the reduced LTA it adds to the already complicated protection regime. The consultation document introduces IP as well as new fixed protection 2014 (FP14) to a regime that already comprises enhanced, primary and fixed protection. IP differs from its predecessors in that holders can continue to make contributions to a...